Delay for LCH Clearnet's move to intra-day margining

Originally scheduled for the first quarter of 2004, with
hopes of a January launch, the clearinghouse has broadened the
target date to "the early part of this year".

While the delay may not prove significant, it will almost
certainly fall outside the first quarter target. A spokesperson
for back office system supplier Rolfe & Nolan told FO
Week that the firm had not received a formal timetable for
the move from LCH Clearnet. Even when a timetable is in place,
the spokesperson added, some time would be needed to effect the
transition.